Buyers Agent Ray Chua’s success story
Buyers Agent Ray Chua was asked by an experienced investor to find a high growth investment property with development potential to add to his portfolio.
Although fairly clued-up as far as investing in property goes, this investor just didn’t have the time and therefore saw value in outsourcing his property acquisition to an experienced company and agent. Ray also noted that his client didn’t have plans to develop immediately, so his strategy needed to take into this into account by ensuring that the potential investment was suitable for the short term as well.
Ray located a great property in the suburb of Redcliffe that seemed to fit the bill almost perfectly. The property was a simply renovated and charming 3×1 character home on a reasonable sized block, with an extra bedroom/study and shower. Ray’s intimate knowledge of the City of Belmont’s planning rules and guidelines ensured he was able to locate a property that could be developed into two properties in an area that was largely zoned for lower density. In the short term, it provided a fantastic rental return and was easy to maintain, while in the long term development of the land provided the necessary value-adding potential. As an added bonus, the property was also located in the prime “top-end” of Redcliffe with less state housing, better access to key amenities, and minimal impact from air traffic.
Purchase of a 3×1 (+study) brick and tile home in Redcliffe, 10km from Perth CBD.
Purchase price: $450,000
Estimated market value at time of purchase: $475,000 – $485,000
Savings: $25,000 – $35,000